WebA new report reveals some big numbers when it comes to cannabis tax revenue generated from legal weed states, which collected more than $3.7 Billion in 2024. This is a 34% … WebMar 31, 2024 · State Recreational Marijuana Taxes (State Excise Tax Rates on Recreational Marijuana) As of March 31, 2024; State Tax Rate; Alaska $50/oz. mature flowers; $25/oz. immature flowers; $15/oz. trim, $1 per clone: Ariz. 16% excise tax (retail price) Calif. 15% excise tax (levied on wholesale at average market rate);
Illinois nets more than $582M in revenue from recreational marijuana …
WebDec 23, 2024 · Medical marijuana will still be tax-free. Illinois officials expect legal marijuana sales could generate up to $57 million in tax revenue by the end of the first year, and more than $375 million by 2024. Much of that money has already been earmarked. WebStates with this type of tax also typically set different rates for different marijuana products. For example, California levies a $9.65 per ounce tax on marijuana flowers, a $2.87 per ounce tax on marijuana leaves, and a $1.35 per ounce tax on fresh plant material. As with other wholesale taxes, it is assumed most of this cost is passed on to ... fivethirtyeight data sets
How do marijuana taxes work? Tax Policy Center
WebJan 20, 2024 · For instance, in 2024, California marijuana tax revenue hit a record number in marijuana sales and taxes, earning a mind-blowing $778.2 million! Therefore, it is advisable that the states set some money aside for the rainy days. Despite the fact that legal weed states can earn huge profits, they are not 100% guaranteed. WebJan 4, 2024 · Illinois has reached a marijuana milestone, surpassing more than $1 billion in legal cannabis sales in 2024, new state data shows. It was just one year ago that regulated recreational cannabis sales launched in Illinois, and the state has seen a significant upward trend in purchases in the months since, even amid the coronavirus pandemic.. Now state … Webo A social equity applicant is an Illinois resident that meets one of the following criteria: § Applicant with at least 51 percent ownership and control by one or more individuals who … five thirty eight congressional districts